Dunn is correct in his thesis, though it's nothing new with respect to the fact it's been happening in offline retail since forever. It's a given that companies

Dunn is correct in his thesis, though it's nothing new with respect to the fact it's been happening in offline retail since forever. It's a given that companies who sell their own stuff will have better gross margin than those who sell other people's stuff. A relevant comparison right now would be between private label and mass merchandising i.e luxury brands and discounters. Both are selling in essence commodity goods and both are doing very well right now but adopt a completely different approach to retailing.